DinoRealty – real estate – land – lots- acreages

Posts Tagged ‘mortgage’

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I recently signed a contract to buy a new home from the builder, previous contract fell through, the home is ready for move in, I was told closing costs would be paid by the builder. The contract is contingent upon me financing thru the builders mortgage company. I paid a pretty large earnest fee, 8k. I was reluctant to pay this without talking to the lender first but of the course I was told their mortgage co would be able to provide any other rates that banks quoted me. As it was, I had a preapproved loan, and yes it is at a much better rate. Now it looks like I am stuck with this deal. The papers provided by the mortgage co don’t reflect any closing costs being paid by the builder, they actually have my earnest money listed in this block. Am I being taken for a ride here? Any help out there?

I was an Account Executive (wholesale Rep) for a mortgage company in outside sales. I managed 30 accounts and covered a huge area.

Here’s our situation. We have been renting the same place for 10+ years and want to buy a small home that’s for sale. My fiance gets paid cash (and gets paid enough to cover the estimated mortgage). We don’t have great credit (minor flaws from probably 5+ years ago).

Obviously, I’m prepared to hear that I’m crazy for bothering. What steps should I take to improve our chances of obtaining a home? Are there any programs or loans that might give us a shot? (We’re in CT, if that helps.) We have little family and we really don’t even know who to talk to, so any help/advice is greatly appreciated.

How do you check for liens and taxes, what other items should be checked? The ad says “beneficiary may elect to bid less than the total amount due”, what do they mean, and who is the beneficiary? If people are still living @ the property, how does the buyer inspects, or takes possession of the property since the ad claimes ” the sale in an ‘as is’ condition, without covenant or warranty, regarding title, possession or encumbrances to satisfy the “indebtness secured by said Deed of Trust, advances thereunder, with interest as provided, and the unpaid principal of the Note secured by said Deed of Trust with interest thereon as provided in said Note, pluse fees, charges and expenses of the Trustee and of the Trusts created by said Deed of Trust”? Looks like there are so many legal language that I like to know exactly what is involved? Also Is it O.K. to approach owners, and what should be offered? A property is auctioned for smal amount of backed association dues, what happens to Mortgag?
Any of you pros out there, anyone with experiece, anyone who actually gone through this procedure, and got properties in auction, through ads in the local newspaper? Also somebody was advising of going out there and purchase 2nd loans and get 15-17% interest on it?

My parents want to sell their house and travel. I want to purchase the house from them. They will sell it to me for $80K and the house is valued at $250 +. I would like to get a mortgage of about $120 – 150 K so I can do some repairs / fix up to the house. What are the downfalls of doing this? and what penalties will there be for this type of sale? Your answers are appreciated.